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Advice… an interesting case study - Part 2

13 March 2022 Myra Knoesen

We found an interesting case study on Riskinfo, by father daughter duo, Igor and Sacha Loutkovsky, who claim to have always approached advice a little differently, operating a business model that means they rarely ever meet their clients in person.

Igor, Managing Director and Sacha, Director of Orion Financial Group & Loufin in this case study, share how new technology and the ‘social advice’ movement have enabled them to take their risk business to the next level. At a glance, the company has 30 years’ experience in the advice arena, with 1800+ clients.

Taking it up a notch

Video plays a significant part in Loufin’s engagement strategy. “We started out by doing a simple christmas greeting in 2012. It was so basic – just the team in funny hats, with dad wishing all our clients a ‘Merry Christmas’. We emailed that out to our client base, instead of sending christmas cards, and we got a terrific response. So, we followed it up with a happy birthday video, which is automatically emailed out on the client’s birthday.,” Sacha says.

Sacha and Igor now use video to follow-up their initial discussions with clients, using a webcam to record a short wrap of what has been agreed with the client. This is sent via email to the client, along with any paperwork, or additional information that is required.

For clients who have questions about their cover, Loufin has engaged animated video specialist, Doodler, to produce six short educational videos, which explain the different types of cover in a simple, client friendly way.

“Instead of spending 20 minutes talking to them on the phone, explaining about the different types of cover, we now just send off a link to one of these videos,” says Igor.

The significance of this approach

Sacha agrees, saying the new, social approach has allowed the business to position itself, and the value it can deliver to clients, more effectively. “We are getting in contact and engaging with our clients. I have already had more of my own clients referring back to me. And while it is difficult to pinpoint exactly what led them to do that, I checked their records and all of them had received the christmas and birthday video emails.”

“It has made us a very profitable business, because we do not waste a lot of time. We do not have the same overheads that other advice offices may have. Some of my peers spend half an hour/45 minutes in traffic to go talk to someone for half an hour, and then another 45 minutes getting back to their office – in that time we could have engaged 25 clients,” says Igor.

“Social media, especially the use of the email marketing system, makes us look really professional. It gives us credibility straight off the bat, by saying: we know what we are doing, we are a professional outfit, and we are really here to help you and provide value that others may not be able to. I do not think we were coming across that way ten years ago.”

Both Igor and Sacha believe their business is now well placed to remain competitive over the next years, in the face of what they predict will be an increasingly competitive market.

“Things are changing. All you have to do is hop online and you can see what is emerging and what new competitors are out there. On top of that, potential clients now have access to all the information they want or need, so you have to be able to provide value that they cannot get themselves,” says Sacha.

 

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